By Briana Vannozzi
Correspondent
There are plenty of proposals floating around the State House claiming solutions to shore up the Transportation Trust Fund. Republican state Senator Jennifer Beck threw her plan into the mix today.
“It’s my belief we can renew the Transportation Trust Fund for seven years, $1.6 billion a year with a $780 million cushion, without raising the gas tax,” she said.
Increasing the state’s gas tax has become the go-to platform for replenishing the nearly depleted fund. With the deadline looming and solutions from legislative leadership conflicting, Beck’s proposal lays out an approach similar to one introduced by Governor Christie in 2010.
“Over that seven years $11.2 billion in projects will advance utilizing $5.4 billion in bonds and $6.56 billion in cash,” Beck said.
Beck’s plan would dedicate 3.34 percent of state revenue growth — the average over the last six years — to the fund. That generates a total of $33.9 billion in compounded revenue between fiscal year 2017 and 2023. Nearly $7 billion will be dedicated to pay-go.
“It seems that Trenton is in a mad rush to lets just merely replenish the Transportation Trust Fund without stopping for a moment and saying, gee have we been good stewards of these billions of dollars that have been given to New Jersey state government through the gas tax?” asked Senator Michael Doherty said.
The two are launching an online petition against the gas tax. Senator Mike Doherty cited a national study showing New Jersey’s maintenance, repairs and capital projects are the most expensive in the country.
“We’re 12 times the national average,” Doherty said.
The Republican plan also promises full pension payments by fiscal year 2023 and relies on more efficient state government spending. It sets aside about $20 million for discretionary costs that Beck believes will allow for leeway if revenues don’t hit their mark.
“If revenues come in higher than we expect, we also are taking those funds and putting them sort of in a lock box I’ll call it, so that we have money for a rainy day,” she said.
Public polls show the majority of New Jersey residents are against raising the gas tax. More than 60 percent say they wouldn’t support an increase to fund bridge and road repair — even if it was constitutionally dedicated. Given those margins and a general sense of public mistrust over spending, Senator Beck is hoping her plan doesn’t become one more light in this never ending tunnel.